Kiir directs central bank to stabilize economy as local currency regains slight value

JUBA – South Sudan President Salva Kiir Mayardit has directed the country’s central bank chief Dier Tong Ngor to stabilize the struggling economy days after the local currency seen increase in value against foreign currencies.

As of this morning, $1 is traded 450 South Sudanese pound, compared to the previous week where it was traded at 620 South Sudanese Pounds.

Traders at Juba Market have attributed the gain to government decision to inject more foreign currencies into the market in a bid to improve the economy which has been destabilized by seven years of conflict.

“In the last few days we have made somehow to smile because of the strength of our pounds that it is gaining over the dollar,” Kiir said during the swearing ceremony of newly appointed members of the Nile Petroleum Corporation in Juba.

“I want you to continue to sustain that so that the South Sudanese pounds come back to where it stood. It (pound) was almost one to one when we gain our independence. I want you to strengthen the South Sudanese pounds where it was when we gain our independence or even much more stronger than that,” he added.

Central bank governor Dier Tong Ngor assured the president and said he is working on policies to stabilize the economy.

“We wanted really to continue the policies we have initiated, not just to continue but to sustain them because economy doesn’t want this movement burst,” said the governor of central bank of South Sudan.

“We don’t want exchange rate to strengthen today and tomorrow drop, that will disturb the economy, economy need stability and with the peace that we are enjoying in the country. It is our role in the economic sector to make sure that we stabilize the economy and when the economy stabilizes definitely growth will come and our people can enjoy the fruit of the peace,” he added.